Pioneer Marine Inc. terminates last two newbuilding contracts

The Company’s CEO, Pankaj Khanna, further elaborated by stating “Following the termination of the last two newbuildings we have eliminated all capital expenditure for the Company. Our proactive management of this unprecedented low cycle has seen us cancel ten of the twelve newbuildings ordered in the original program and demonstrates the complete alignment of management with shareholder’s interests.

“We are now well positioned to not only ride out the current cycle but to also take advantage of opportunities as they arise.”

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